Real Estate News

Owning a cottage in Ontario is a dream larger numbers of people are achieving. Given the current high values of properties in Toronto, more people are opting to live in smaller homes in the city and splurge on their cottage. While the thought of having a tranquil lake or country garden to gaze upon from your porch, the reality is that deer are drawn to most cottage gardens – and for the very same reasons that attract us into planting them! Deer tend to have the same taste in natural habitat as humans – they prefer grassy meadows dotted with trees and full of colour shrubs and flowers; chances are that I’ve just described your Ontario cottage garden.
 
There are measures you can take to ward deer away. You can start off small with repellents and can increase the potency of the measures taken given how persistent and damaging the deer interest in your garden becomes. Keep in mind that the more freely deer can access and munch in your garden the greater the damage will become as they will associate your land with a free buffet filled with variety and easy access. The trick is to take measures to withstand any deer interest from the moment you see deer start hanging around.
 
The first thing to do would be to try deer repellents. Deer are not partial to either rotten eggs or garlic. If you’re not fond of the notion of smelling rotten eggs each time you step outside, you can always purchase repellents specifically designed with the smells that repel deer. You can hang these products outside around the perimeter of your garden to keep deer at bay.
 
You can also try to avoid planting a deer’s favorite food. Some of those plants that deer are especially attracted to include cedar, yew, fruit trees, lilies and hostas. They don’t much care for thorny plants and those with rubbery leaves, but if there is a lack of food in your area, then they really won’t be too picky.
 
Another good deterrent is fright. Deer startle easily so setting up some kind of noise maker system around your property that is triggered when a deer crosses it would help tremendously. However, deer are also quite bright and if the noise is always coming from the same spot, they will learn to grow accustomed to it and not bother with it anymore. Owning a dog is a fantastic deterrent but, obviously, not everyone can or wants to own a dog.
 
Lastly you can always put up fencing. Make sure that any fence is at least seven feet high as deer are very good jumpers. As they will try to go through the fence, make sure that it is secure fixed to wood or metal posts and that it goes all the way to the ground. Double fencing is another good deterrent. Deer tend to get messed up with double fencing and tend to not even try accessing those gardens that are double fenced.
 
Deer are beautiful and part of the natural landscape that we all crave when we are in the country – except when they are destroying our beloved gardens.

You have a cottage you want to sell in Ontario? You are among a rare lot. There is currently a lack of cottage sellers in the most sought-after regions of cottage country. However, just because you have a cottage, want to sell and there are more buyers than properties, doesn’t mean that you are automatically guaranteed a lucrative offer and quick sale. You have to prepare your cottage for the market. After all, while you might have an emotional attachment to your place, no one else does. You’ll have to convince potential sellers that yours is the place for building their future memories.
 
We gathered together a few tips for getting the most from your cottage sale from some cottage realty experts. Their advice is a lot of common sense and much of what you would do if you were selling in the city.
 
1. Declutter! Get rid of your knick-knacks, the mismatched bedding and the junk yard finds. Today’s cottage buyers are looking for a more contemporary cottage experience and you have to show them the potential of what your place has to offer.
2. Fix it up! If there are any repairs that need to be done, take care of them immediately. Patch any holes, fix up the roof and caulk the windows. Make sure that the place is more-or-less move-in-ready. Although any buyer will want to put their own stamp on a resale property, the major work should be done.
3. Clean the grounds! If you have a yard, make sure that it has been raked, the flower beds are trimmed and any wood pile is neatly stored. Get rid of toys and make put out a few flower pots if necessary to up the curbside appeal.
4. Get rid of dead or diseased trees. Walk around your property and check to see whether there are any tree hazards – trees that could potentially fall during the next storm and cause damage to any part of the property. If there are questionable trees near the home, be sure to trim the offending branches or cut down the risky tree.
5. Stage it! If at all possible, consider staging your cottage to attract the right kind of buyer. Although it might not seem like a necessity, staging a property can mean the difference between getting your asking price or choosing from the next highest offer.
 
Lastly, unless you are selling in order to move to another cottage, you can always sweeten the deal by throwing in whatever seasonal gear you have, such as skiis, canoes, jet skis, etc…
 
Selling your cottage can be very lucrative in the current resale cottage market in Ontario where so many buyers are eschewing the purchase of a primary residence in the city due to prohibitive costs. Instead, cottage country where the lots are bigger and the lifestyle more relaxed has become the big draw.
 
Finally, engaging the services of a realtor specialized in cottages is probably the best thing you can do.

For all of you Property Brothers fans out there, the dynamic and charismatic siblings are heading to Toronto to cast for their upcoming season!
 
The hit TV show which airs on the W Network in Canada and on HGTV in the USA is looking for families who have just closed on a fixer upper and need help with their renovations!
 
If you have:
 
– Just closed or will be closing on a fixer-upper by the end of September
– Have a minimum budget of $100,000
– Need to completely renovate at least 4 main spaces
– Are located in the Toronto or GTA area
 
Then this shoutout is for you!
 
If cast you’ll receive:
 
– The complete renovation of your spaces in 6-7 weeks!! (what is usually accomplished in 6-7 months!)
– A high standard of design and construction
– Project management and support ensuring your project is done on time and on budget
 
You will also receive:
 
– $25,000+ value towards your renovation!
 
Apply NOW at https://propertybrothers.castingcrane.com
Email for more info at: [email protected]
 
Filming starts this fall.
 
Spread the word!!

Getting financing for your Ontario cottage is something that follows the same process as acquiring financing for your primary residence, but is not as easy to get. Lenders will often require a far more stringent check of your finances and will require your property to fit a more rigorous test of marketability in order to unclenching the funds that will see you sipping margaritas lakeside.
 
Since a cottage is not your primary residence, lenders will be a lot more fastidious about how much you can borrow comfortably and also about how marketable the place you are eyeing really is. They will look at criteria such as whether it is on a big or small lake, whether it is in a developed cottage country community or whether you are truly in the wilderness.
 
Lenders will also want to know that you have access to a good source of water as water problems can severely impact the resale value of a second home. Next, lenders will want to know whether it is a three-or-four season cottage. Most lenders prefer four-season places as they are more versatile and easier to resell.
 
In short, lenders want to know that you are buying a place that has value for them in case you default on your mortgage.
 
Since the CMHC rules have changed and they no longer insure second homes, if you don’t have enough of a down payment, then you will have to get your mortgage insured by a private lender.
 
Naturally the easiest way to acquire a second home is to pay for it outright – but let’s face it, it is a very small segment of the population who can actually afford that. However, if you are seriously considering the purchase of a second home, do yourself a favor and make sure that you are easily able to carry the costs of a second mortgage as well as the costs of maintaining a second home.

Cottage-buying is a fun endeavor as the end result is a pleasure place for your family to unwind at on weekends. Knowing what to look for in a cottage will save you money and hassle down the road, and more importantly, it will save regrets over not getting exactly what you want or what suits your family’s needs.
 
Here are a few tips on figuring out what’s best for you.
 
Region
Don’t underestimate the importance of buying in the right place. There are plenty of cottage areas from which to choose but they are decidedly not all the same. Some regions offer a more village-type atmosphere while others are completely off-grid and off-the-beaten path. Some areas can be easily driven to in a couple of hours while others require a longer commuting time. Some boast an abundance of lakefront properties while others are more secluded forest land. The area you choose will depend on how long you want to commute, the amenities you want nearby and the kind of set-up you require in a cottage.
 
Amenities
Another factor that will greatly influence what you buy are the kind of amenities the cottage has. Do you need a hook-up to a water main or can pumping water from a well suffice? Are you familiar with septic systems or do you prefer a compostable toilet? Are you willing to live off-grid or will you need an electrical hook-up? Do you require a road right up to your cottage or can you hike up part of the way? All of these factors will play a big role in figuring out what you are looking for.
 
Price
Naturally price is one of the most important factors in any real estate purchase. As the purchase of a cottage is not a primary residence a mortgage on it will be higher than a regular mortgage so you will want to be careful about how much debt you take on for a summer place.
 
Which brings us to the next point that you will have to decide – do you want a place you can use all year round or only for the warmer months?
 
Once you have decided on what you require in a cottage, it is time to begin the hunt. Although spring is usually the busiest buying season for cottages, fall is actually the better time to purchase as sellers will usually prefer a price cut to the carrying costs of hanging onto the place for another season.
 
Be sure to visit the place a few times at different times of day and drive around the neighbourhood and surrounding towns to get a feel for what the area is like. If at all possible go during different seasons to see what the foliage and privacy level is at various times of the year.
 
If you want a place on a lake, are you okay with a lake that permits motorized watersports? Also, you will have to find out whether the lake you are considering has a lake association board and inquire with them what rules or regulations are already in place.
 
Lastly, when negotiating with a seller, try to get items that you are likely going to have to buy thrown in – for instance canoes, snorkeling gear, paddle boards, etc…
 
Once you’ve found the cottage of your dreams, your family will certainly thank you for the purchase each time they are relaxing there on the weekends or on holidays.

Whether you call them cabins, cottages or chalets, the weekend get-away place located in the country to which thousands escape all year-round are certainly ubiquitous with Canadian life. Cottage living was typically the reserve of those with unlimited bank accounts, but with the addition of roads in out-of-the-way places, automobiles and inexpensive gas, the field was open to average Joes who wanted to experience a big of the good life.
 
Today, there are hundreds of summer retreats all over the province and, indeed, the country. What to look for in a cottage will depend on the kind of experience you want to have. Whether you prefer a fully winterized get-away located near a ski hill so that you can take advantage of the trails every weekend or whether you prefer a three-season place that will get you from May to October on a lovely lake, will determine where and how much your summer setting will set you back.
 
Naturally it isn’t necessary to buy a cottage if you can rent one. In many instances renting a cottage is actually a better bet as you don’t have to worry about maintenance, taxes or any of the other aspects involved with owning property. You just have to pay and then show up! Just remember that rentals can be costly depending on where you want to rent and during what season. Obviously off season rates will be far more affordable than during peak holiday or summer season, but can be just as enjoyable – especially if you rent a place near trails for hiking or biking, on a lake that supports water sports and/or near villages with lots of fun activities on offer.
 
Of course, if you want your own place, then there are two options – buying a real sale place or purchasing a lot and building your own place. There are pros and cons to both approaches but buying a resale place can be more affordable than building new in many instances. New builds will require you to invest in the installation of a septic system, a foundation and a water system (drilling a well). In many cases you will also have to pay for the soil to be tested and by the time all of these basic costs are covered you are already at nearly $50,000. There are ways of building a less expensive cottage, but it would involve you doing much of the contracting and building work yourself.
 
Buying resale, means getting a house with all of the infrastructure already in place – which is a great benefit. The only obstacle with this scenario is finding a home that is the right mix of old and new so that you aren’t stuck having to update/upgrade immediately after purchase.
 
If you have yet to experience life at a cottage, then know that it is something everyone should get to enjoy at least once in their life. The relaxation and detente achieved when surrounded by nature is second to none.

Renting property out in Toronto can be a lucrative undertaking. With housing prices skyrocketing and many buyers being priced out of the market, growing numbers of people don’t ever foresee buying a place of their own. However, while rental income can definitely boost your bottom line – it can also set it back when it comes to tax time. In order to play your cards right, it is best to be unformed when it comes to the tax implications of becoming a landlord.
 
Claiming the income
The first thing to remember is that you must claim any and all rental income that you get. Whether you are simply renting out the spare bedroom in your basement or luxury apartments, any rental income will be counted towards your total net income for the year. However, the amount that you declare will depend entirely on how much of the property you own. If you own 100% of the building, then you will have to declare all of it. If you co-own the property, then you and the other owner can potentially split the income with your co-owner.
 
Claiming expenses
Naturally if you own property, then you are allowed to claim expenses against the maintenance and upkeep of the property. There are two kinds of expenses that are allowed. The first is current expenses, which pertains to regular maintenance. The second is capital expenses, which pertains to any lasting improvement to the property – for instance fixing the roof.
If your expenses are greater than the rental income of your property, then you will end up with a loss. Any losses can be deducted from your rental and regular income (if you have a day job).
 
Keeping track
Having a good accountant or keeping meticulous track of all your income and expenses with your rental units will go a long way towards ensuring that you don’t run into trouble when it comes to tax time.
 
Incorporating
If you own more than one rental property, then it might be a good idea to incorporate yourself as a business in order to lower your tax burden as corporations are taxed at a lower rate than individuals. Keep in mind that if you choose to go this route you will have to hire an accountant to help you with the intricacies involved with such a business.
Regardless of what you choose, the one thing you must to is to find out about the property tax code so that you don’t have any surprises. The CRA website is a treasure trove of information on that account and you can find it at //www.cra-arc.gc.ca/rental/.

Renting out your property can be a little intimidating for a first time landlord. Attracting the right renters is crucial to a smooth and successful rental experience. The best way to get the kind of renters you want is to create the right kind of ad. Since most people won’t take the time to call unless they are really interested in your property, it is imperative to put all of the relevant details that they would need into your ad. However, remember that catching someone’s eye is crucial and for that you must keep it short and snappy.
 
In today’s world of soundbites and 30-second news clips, no one want to read a dense paragraph describing your rental unit. Instead keep your listing as short and succinct as possible using bullet points and different fonts to draw attention.
 
Be sure to include such details as:
– Security deposit
– Number of bedrooms
– Number of bathrooms
– Whether it is upper or lower floor
– Location
– What’s nearby such as shopping, transportation, etc…
– Cost
– Whether you accept pets or not
 
Once you have your list put together, you are ready to write your ad. Include good pictures where possible so that they have a good idea of what they will be getting.
 
Next, post to as many websites as possible including Craigslist and Kijiji. If you are worried about vetting the potential renters by yourself, you can also enlist the aid of a knowledge real estate agent who can help you find tenants. Usually such a request will cost you the first month’s rent, but it is worth it for those who would rather forego the trouble of finding tenants themselves.
 
As long as you find the right tenants, you will have a smooth time with your rental unit.

Listing your home on Airbnb or any other sharing website is a great way of making some extra money on the side. However, before jumping into such a situation, make sure that you are prepared for the work that it will entail and the risk that you will assume.
 
Firstly, check with the laws in your province to make sure that you are allowed to rent your home out as a short term holiday rental – in some places Airbnb has been banned.
 
Secondly, be sure that you organize yourself properly. Take good pictures of  your place. Good pictures will sell your rental quicker than mediocre ones. Make sure that your home is clean and looks attractive.
 
Next, sell your neighbourhood and the attractions of your city and your location. A good write up in a friendly, approachable manner will go a long way toward bringing renters calling.
 
It is a good idea to also invest in extra amenities including towels, pillows, blankets, linens, utensils, etc… it will save you the hassle of having to rush to clean everything before the next renters come in. Having extras on hand will mean that you can swap out the used items for clean stuff while you clean up.
 
Put together a little book containing a list of your house rules, how to use the local transportation and anything else that someone new to our city would need to know.
 
Another good idea is to include a small fee for laundry and cleaning as this will cover the extra costs you will incur for such items.
 
Lastly, remember that it is good to be friendly to the renters, but you don’t have to be their best friend. Let them know that if they need you, they can reach you, but otherwise let them explore and have fun on their own.

Yes, it is true – anyone can be a landlord. As long as you have the cash to spare, the tenacity to deal with constant challenges and an optimistic attitude, you have what it takes to succeed. However, there are also some more practical tricks you need up your sleeve in order to make being a landlord work for you. In this short blog, we’ll cover some of the basics of renting that will help you succeed.
 
1. Screen all applicants. Do not skip this step – it is necessary to know who is going to be living on your property. You want to know if they have good credit, a steady job and an upstanding character.
2. List all house rules. Present each prospective tenant with a list of house rules that you then attach to the lease upon signing – in that way, no one can claim ignorance after the fact.
3. Be sure to collect on the first of each month. Don’t let a tenant get away with not paying on time, lest it become a habit.
4. Include late fees on lease. Determine an amount for late payments and stick to it!
5. Be organized. Regardless of whether you have one or one hundred rental units, keep a detailed file of all repairs done to the place, the names of all contractors and an account of all payments received.
6. Know when renewals are coming up and make sure that you are on top of them!
 
Bookmark the Landlord and Tenant Board’s website: www.sjto.gov.on.ca/ltb and have their phone number on speed dial!